LondonBureau

LONDON (MarketWatch) -- The private equity industry will Tuesday unveil its first attempt to stem the rising tide of political criticism with the publication of a review proposing greater financial transparency and improvements to corporate governance which could include appointing independent directors, the Financial Times reports Tuesday.

David Walker, the former chairman of both Morgan Stanley International
MS, +0.39%
and the Securities and Investments Board appointed by the buy-out industry to propose a code of conduct, will trigger a fierce debate with Tuesday's consultation paper, the report says.

Most controversially, he is expected to float the idea of buyout firms appointing external, non-executive directors to the boards of some companies bought by private equity, the report says.

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